At 09h42 CAT the Rand traded at 17.7650 against the Dollar, about 0.2% firmer than Thursday's closing level and hovering around its highest level since December 2024.

SA's net foreign reserves rose to $64.804 billion at the end of May from $64.318 billion in April, the country's central bank reported on Friday.

Commerzbank Analyst Volkmar Baur said in a research note the local currency has also benefited from renewed US Dollar weakness in recent weeks.

The dollar was up 0.2% against a basket of currencies but has been under pressure due to signs of fragility in the US economy and as trade negotiations between Washington and its trading partners made little progress despite a looming deadline.

The note added that news of an agreement in SA's long-delayed budget also provided support for the Rand.

On Wednesday, a key parliamentary committee backed the national budget's fiscal framework and revenue proposals, clearing the path for a vote in the lower house of parliament on June 11.

--Reuters--